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Psychological pricing (also price ending or charm pricing) is a pricing and marketing strategy based on the theory that certain prices have a psychological impact. In this pricing method, retail prices are often expressed as just-below numbers: numbers that are just a little less than a round number, e.g. $19.99 or £2.98. [ 1 ]
Incidental price is defined as the prices offered or showed by a seller for products which the consumers are not interested in. According to the theory, the incidental price serves as an anchor which increases consumers’ willingness to pay. This effect has been widely used in areas such as auctions, online vendors and retailers. [84]
Predictably Irrational: The Hidden Forces That Shape Our Decisions is a 2008 book by Dan Ariely, in which he challenges readers' assumptions about making decisions based on rational thought. Ariely explains, "My goal, by the end of this book, is to help you fundamentally rethink what makes you and the people around you tick.
The original authors had to underline again that the attraction effect occurs only if the consumer is close to indifference between the target and the competitor, if both dimensions of the products (in our example, price and storage capacity) are about as important as each other to the consumer, if the decoy is not too undesirable, and if the ...
A token economy is a system of contingency management based on the systematic reinforcement of target behavior. The reinforcers are symbols or tokens that can be exchanged for other reinforcers. [1] A token economy is based on the principles of operant conditioning and behavioral economics and can be situated within applied behavior analysis ...
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Target price may mean: A stock valuation at which a trader is willing to buy or sell a stock; Target pricing – the price at which a seller projects that a buyer ...
6. "The most important office, and the one which all of us can and should fill, is that of private citizen." Louis Brandeis, American Lawyer and Associate Justice of the Supreme Court